Global Eyewear Market Expected To Reach $ 144 Billion By 2020 With A CAGR Of 7.0%

Date: 2016-09-18

The increasing prevalence of nearsightedness or myopia amongst adults and children due to genetic and environmental factors has led to an increase in demand for the prescription eyeglasses in the global market. Technological advancements and changes in lifestyles are leading to prolonged exposure to devices like smartphones and tablets causing strain on eyes and increasing the risk of future vision problems. The awareness regarding the importance of appropriate eye protection is expected to push and support the sales of such products further over the forecast period.

The global Eyewear market was estimated at USD$ 102.7 billion in 2015, and is anticipated to reach USD$ 144 billion by 2020, expanding at a CAGR of 7.0% between 2016 and 2020. The growing population and rise in the number of optical deficiencies are expected to drive the industry over the forecast period. In addition, the rising awareness among individuals regarding the importance of eye checkups and increased purchasing power are expected to impact the industry favorably over the coming years.

The increasing prevalence of nearsightedness or myopia amongst adults and children due to genetic and environmental factors has led to an increase in demand for the prescription eyeglasses in the global market. Technological advancements and changes in lifestyles are leading to prolonged exposure to devices like smartphones and tablets causing strain on eyes and increasing the risk of future vision problems. The awareness regarding the importance of appropriate eye protection is expected to push and support the sales of such products further over the forecast period.

Contact lenses are also used for cosmetic purposes or to look glamorous (example colored contact lenses). Great care should be taken while wearing lenses and they should be changed when required, or else it can lead to a condition known as contact lens-induced acute red eye (CLARE).

Consumers are increasingly using the prescription contact lenses to cure the refractive errors and tackle visual deficiencies. The introduction of cheaper daily disposable and soft lenses with easy clean and maintenance features has made them popular amongst the masses. Moreover, the plano sunglasses’ demand is expected to witness a steady growth over the next eight years and positively impact the demand for contact lenses. However, the increasing acceptance towards refractive eye surgeries and treatments, such as LASIK, may hinder the industry growth over the forecast period.
eyewear
Read Full Report: http://www.gosreports.com/global-eyewear-industry-2015-market-research-report/

Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com

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